Topic 4

2. the division of consumers into groups based on how much they will pay for a good
7. any factor that makes it difficult for a new firm to enter a market
9. a market that runs most efficiently when one large firm provides all of the output
10. when two or more companies join to form a single firm
13. a product that is considered the same no matter who produces or sells it
14. new business must pay before it can begin to produce and sell goods

1. the removal of government controls over a market
3. an agreement among firms to charge one price for the same good
4. an illegal agreement among firms to divide the market, set prices, or limit production
5. selling a product below cost for a short period of time to drive competitors out of market
6. laws that encourage competition in the marketplace
8. a market structure in which a few large firms dominate a market
10. a market in which a single seller dominates
11. a license that gives the inventor of a product the right to sell
12. a government issued right to operate a business